Jobs in Cornwall could be put at risk as the owner of Bargain Booze is reportedly headed for administration. The cheap alcohol chain has stores in Falmouth, Newquay and Saltash which could potentially be affected.

It comes as Conviviality, which owns the company, has failed to raise £123 million, Sky News reports. It is believed 2,500 jobs are now at risk across the country after the company was unable to secure sufficient new funds.

It is thought that PricewaterhouseCoopers will likely be appointed as administrator on Thursday (March 29), insiders say. The latest revelations come just days after the departure of Conviviality's chief executive, Diana Hunter.